Press Release

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 7, 2012--
AVEO Pharmaceuticals, Inc. (Nasdaq: AVEO) today announced that financial
results for the company's fourth quarter and year ended December 31,
2011 will be released before the market opens on Tuesday, February 14,
2012. The AVEO management team will host a conference call discussing
the company's financial results, recent developments and 2012 guidance
on Tuesday, February 14, 2012 at 10:00 a.m. (ET). The call can be
accessed by dialing 1-866-800-8652 (domestic) or 1-617-614-2705
(international) five minutes prior to the start of the call and
providing the passcode 29955196. A replay of the call will be available
approximately two hours after the completion of the call and can be
accessed by dialing 1-888-286-8010 (domestic) or 1-617-801-6888
(international), providing the passcode 99138406. The replay will be
available for two weeks from the date of the live call.

The live, listen-only webcast of the conference call can be accessed by
visiting the investors section of the AVEO website at
http://investor.aveopharma.com. A replay of the webcast will be archived
on the company’s website for two weeks following the call.

About AVEO

AVEO Pharmaceuticals (Nasdaq: AVEO) is a cancer therapeutics company
committed to discovering, developing and commercializing targeted
therapies to impact patients’ lives. AVEO’s proprietary Human Response
Platform™ provides the company unique insights into cancer biology and
is being leveraged in the discovery and clinical development of its
cancer therapeutics. For more information, please visit the company’s
website at www.aveopharma.com.